Naver, Krafton (259960.KS) and Mirae Asset are joining forces for large-scale technology investments across Asia, centered on India.
The three companies announced the partnership on Friday at a press briefing in New Delhi, India, marking the launch of the Unicorn Growth Fund (UGF), which will be worth up to 1 trillion won ($730 million). The event was held to introduce the UGF to major local corporations and venture capital (VC) firms.
Attendees from the Korean side included Minister of Trade, Industry and Energy Kim Jung-kwan, Naver CEO Choi Soo-yeon, Krafton CEO Kim Chang-han, Krafton India head Son Hyun-il, Mirae Asset India Vice Chairman Swarup Mohanty, and Mirae Asset Venture Investment India CEO Puneet Kumar.
The UGF began earlier this year with a 200 billion won commitment from Krafton. With additional investments from Naver and Mirae Asset, it now manages more than 500 billion won. It is a successor to the Asia Growth Fund (AGF), which Naver and Mirae Asset jointly established. The AGF delivered strong returns through early-stage investments in leading unicorns, including Zomato, India's top food delivery and quick commerce platform, and Grab, Southeast Asia's largest mobility platform.
"India is rapidly emerging as a hub of global digital innovation, expanding its artificial intelligence (AI) industrial ecosystem on the back of abundant IT talent and a dynamic startup ecosystem," Choi said. "The UGF will serve as a foundation of synergy that organically combines the core capabilities of the three companies by focusing investments on high-growth technology firms in AI, fintech and content, with India as its base."
Kim Chang-han said, "India is the world's fastest-growing gaming market and a country rising as a hub of technological innovation. Drawing on Krafton's experience contributing to the local gaming ecosystem, we will become a mid- to long-term partner supporting promising Indian companies in their global expansion."
Minister Kim said, "It carries great significance that three companies representing Korea's IT, entertainment and finance sectors are now full-scale investors in Asian technology innovation. We expect this to expand the global reach of our industries while serving as a solid bridgehead for Korean companies entering emerging markets."
Naver and Krafton also pursued separate initiatives to deepen cooperation with the Indian government and industry. The previous day, Naver signed a memorandum of understanding with Tata Consultancy Services (TCS), the IT arm of India's largest conglomerate Tata Group, launching cooperation in AI, cloud and business-to-consumer (B2C) services. Ahead of the official schedule, Krafton CEO Kim Chang-han held a separate meeting with Indian Rajya Sabha member Sujeet Kumar to discuss the role of the gaming industry in India's digital economy and Krafton's mid- to long-term local strategy.
